Whether for a party planner working on an elaborate wedding or a young teen planning a date, rental businesses can provide dozens of services to a variety of clientele. From props to limos, your business can rent out just about anything, so long as it's in demand. Always start with a business plan to help you hone your niche.
Determine what type of training, if any, will be involved in renting your products. If renting equipment of vehicles, you will need to implement a training system to get your customers up to speed on proper usage and safe handling practices. You may need to hire and train an assistant or undergo training. Determine what type of restrictions you'll need to implement to ensure the safety of your rental products and your customers, and to minimize costs and wear and tear. You'll also need to determine what you will include with the rental, such as gas and supplies. Draw up rental agreements.
Research your local market to verify that people in your area would be willing to spend money on your products. Speak with other business owners and patrons. Visit locations where you expect your potential customers to frequent. For example, if you're considering renting ATVs, ask customers at camping, outdoor and sporting goods stores, as well as colleges and military bases, how interested they'd be in renting one.
Find a visible location for your rental business that is large enough to house your equipment and a rental office. Contact your zoning official to ensure that your location meets local requirements. Once your facility is up and running, you may need a fire or building permit.
Identify a need. According to Entrepreneur.com, popular rentals include tools, small watercraft, portable hot tubs, construction equipment, recreational vehicles, movie props, musical instruments, office furniture and equipment, canoes and kayaks, and camping equipment. Additionally, you may choose to target specific venues such as weddings or corporate events. Look for a particular venue that appeals to you and identify what products or services that venue would need. For example, you could rent your fancy china to a catering store or party planner. Or rent out your classic car. Keep in mind that the more expensive the product or service is, the more liability insurance you'll need. It may be advantageous to rent a variety of related items to appeal to a wider audience.
Obtain the equipment and supplies that you intend to rent. This may be the most expensive aspect of starting a rental business. Look for wholesale suppliers. Visit closeout stores. Look for businesses that are going under or consider buying used equipment.
Purchase property, liability and product insurance. Expect to need anywhere from $300,000 to more than $1 million. Contact your bank or a find an insurance provider at Netquote.com. A representative can give you a better estimate of appropriate amounts of coverage for your rental business. Generally, your business must be registered before you can purchase insurance.
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